The 10-Day View

The market sinks even lower. The S&P 500 just broke below 1,150. The market is lower than where it was in July 1998. To put that in context, that was a few weeks before Google ($GOOG) was founded.

The Morgan Stanley Cyclical index (^CYC) is now down to 838. That’s an amazing loss. The $VIX has been as high as 41 today. That’s more than double where it was two weeks ago.

S&P downgraded both Fannie Mae and Freddie Mac. Also, Bank of America ($BAC) is getting hammered after news broke that AIG ($AIG) is going to sue them over the mortgage debacle.

Posted by on August 8th, 2011 at 1:57 pm


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